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I have too many Pay day loans

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Hello, I am new to this. I have too many pay day loans that I can't control anymore. All of them are internet based. I live in Michigan.

Americash Avance $600.00 - I keep paying $120 every pay day just to keep it open, I've paid the $120.00 twice

Upfront Cash - $400.00 - paid nothing

LoanPoint USA (or centruion) -$400.00 - They deducted $120.00 on 4 separate ocassions and was never applied to original loan

Check N Go - $600.00 - paid nothing to date

I'm now overdrawn on my bank account and I don't know what to do. I came across PDL Assistance, Inc. They say they can help work with the lenders to pay them off but require a $200.00 fee.

If I close my bank account, what is going to happen? I need help! I don't know how to fix this

Thanks




Check N Go is a storefront i believe, hold on someone with a little bit of info on your state should come pretty soon!

Sub: #1 posted on Tue, 09/02/2008 - 10:21

danilewis82 danilewis82

(Posts: 296 | Credits: )

Legal Status: Legal

Citation:
Mich. Comp. Laws 487.2121 et seq.

Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978


Hope this helps, someone else should be in shortly to help :wink:

Sub: #2 posted on Tue, 09/02/2008 - 10:23

danilewis82 danilewis82

(Posts: 296 | Credits: )

dani-Check N Go also offers an on-line pay day loan.

Sub: #3 posted on Tue, 09/02/2008 - 10:26

Unregistered


The Check N Go was done online.

Sub: #4 posted on Tue, 09/02/2008 - 10:31

rkevans rkevans

(Posts: 4 | Credits: )

thanks for the info Dani. Is there any other advice anyone can give me?

Sub: #5 posted on Tue, 09/02/2008 - 12:24

rkevans rkevans

(Posts: 4 | Credits: )

look in the thread that sara.casey started about Michian pdls, maybe you two can help each other out

Sub: #6 posted on Tue, 09/02/2008 - 12:57

danilewis82 danilewis82

(Posts: 296 | Credits: )

rkevans I was searching around on the Michigan Office of Financial and Insurance Services website trying to find the licensee data base to see if any of your lenders are licensed, I found it but I can't seem to get it to work, therefore, if I were you, I would give them a call at (877) 999-6442 and ask them if any of your lenders are licensed to lend to Mi. residents, as soon as you find out this information my advise would be to pay the legal lenders first (or make payment arrangements). The illegal lenders are the ones that you will only be required to pay the principal amount borrowed, make payments to them through USPS via money orders. Have you secured your account yet?

Sub: #7 posted on Tue, 09/02/2008 - 12:58

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

thanks for the info Shazzers, I tried the website too and couldn't get it to work. I will give them a call to find out.

My bank account is not secured as of yet. I was planning on going into the bank and closing it out tomorrow. I cant' believe I got myself into this mess, I'm embarrassed to go in. My account is now negative because of all this.

Sub: #8 posted on Tue, 09/02/2008 - 13:29

rkevans rkevans

(Posts: 4 | Credits: )

Well, it happens to the best of us, we all have good intentions when we get into this mess but the pdl industry doesn't make it any easier by not following the laws and treating people like garbage. A person has to do what they have to do to take care of thier families, just do your best to get things settled and it will all work out in the end, hang in there and keep us posted! :)

Sub: #9 posted on Tue, 09/02/2008 - 13:56

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

I hope the information below will help you. :)
[quote][quote]You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote][/quote]

Sub: #10 posted on Tue, 09/02/2008 - 13:58

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17345 | Credits: )

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